Bloomberg Talks

CS Venkatakrishnan, CEO of Barclays and an expert in risk management, shares insights on the bank's recent performance and challenges. He expresses dissatisfaction with Barclays' exposure to Tricolor Holdings after its bankruptcy, emphasizing lessons learned. The discussion touches on the need for disciplined credit selection amidst market risks, the pressures in the equities sector, and the importance of due diligence. Venkatakrishnan also highlights the link between private credit growth and trends in the UK IPO market, calling for a stronger equity risk culture.

Thomas Byrne, Ireland's Minister of State for European Affairs and Defence, dives into crucial EU strategies on Russia sanctions and China's trade policies. He emphasizes the need for unity among member states on sanctions and discusses the innovative idea of using frozen Russian assets to finance support for Ukraine. Byrne navigates Ireland's stance on neutrality regarding military aid while advocating for the acceleration of Ukraine's EU membership. He also addresses the importance of adhering to WTO rules in response to China's export curbs, promoting competitiveness without sacrificing climate goals.

Congressman Bryan Steil delves into the pressing issue of the government shutdown, emphasizing its impact on Wisconsin farmers and healthcare premiums. He criticizes Senate Democrats for the impasse and discusses the potential for rising Obamacare costs due to structural flaws in the Affordable Care Act. Steil also highlights the urgent need for aid to farmers affected by the shutdown while contemplating the role of President Trump in negotiations. The conversation reveals the growing consequences of the shutdown and the complexity of the political landscape.

Bob Diamond, former Barclays CEO and current Atlas CEO, dives into the world of regional banks and consolidation. He argues that recent dislocation poses unique opportunities and explains how interest rate shifts impact these banks' outcomes. Diamond advocates for consolidation, citing that the U.S. has too many banks, which impairs competitiveness. He highlights the benefits of merging, such as cost savings and improved returns on equity, while noting strong credit quality in lending. The discussion wraps up with insights on New York City's recovery post-COVID.

Paul Jacobson, the Chief Financial Officer of General Motors, shares insights into the automotive industry's challenges. He discusses GM's impressive resilience through COVID and supply chain disruptions. Jacobson highlights GM's strategic pivot towards electric vehicles while maintaining inventory discipline. He also elaborates on diversifying supply chains and U.S. investments, along with the company's progress in tariff relief negotiations. Jacobson wraps up by detailing GM's profitability strategy in the competitive Chinese market.

Jemma Conner from YouGov reveals a bleak economic outlook among Europeans, with many expecting a recession soon. Despite financial woes, there's a surprising consensus on the need for regulating artificial intelligence, with majorities across countries supporting tighter controls. The discussion also highlights the varying attitudes toward defense spending, influenced by geographical proximity to Russia. Overall, the survey indicates a pressing need for policymakers to address economic relief and security concerns.

Colin Allred discusses the power of grassroots movements, emphasizing how to channel the energy from the No Kings protests into voter turnout. He critiques Republican strategies amid a government shutdown and advocates for bipartisan negotiation on crucial issues like healthcare. Allred also shares his optimism for his Senate campaign, aiming to connect with working-class voters and address their cost concerns. The conversation highlights the significance of peaceful protests and their potential impact on the electoral landscape.

U.S. Senator Ted Cruz, also chair of the Senate Commerce Committee, dives into the pressing issue of the government shutdown. He outlines the negative impacts on TSA and air traffic personnel, urging immediate action. Cruz discusses the controversial No Kings rallies, questioning their authenticity and potential political implications. He emphasizes the need for legislation to safeguard free speech and highlights NASA's Artemis program as vital for competing with China in space exploration.

Groq's CEO discusses an exciting new partnership with IBM, focusing on how IBM will sell Groq's high-performance LPUs through WatsonX. The financial implications are intriguing, revealing a revenue share model with promising performance metrics. Early adopters from financial services are paving the way for accelerated inference. Despite supply constraints, Groq’s supply chain is poised for quick ramp-up. The synergy of Groq's technology and IBM's reach promises to reshape AI accessibility, driving innovation across industries.

Todd McKinnon, CEO of Okta, dives into the complexities surrounding AWS outages and their impact on cybersecurity. He highlights the importance of backup systems and redundancy in ensuring reliability. The conversation shifts to Okta's rapid growth, emphasizing a focus on identity management over complete cyber stacks. McKinnon also discusses the implications of AI advancements, how they drive demand for identity services, and the challenges posed by AI threats, particularly with the rise of tools like ChatGPT.